Minus insurers’ losses from hurricanes and earthquakes, S&P 500 earnings grew at a double-digit rate in the third quarter

U.S. companies are about to close the books on another solid earnings season, helping sustain high stock market valuations. In fact, underlying corporate earnings are even better than the headline data suggest.

Operating earnings per share for S&P 500 companies were up around 9% from a year earlier in the third quarter, according to...